…….declares over N44m surplus fund… N26m dividends for members
Despite the impact of the coronavirus pandemic on the aviation sector, the Airport Fire and Safety Co-operative Multipurpose Society (AFSCMS) has declared surplus fund of over N44m with members dividends at over N26m in its 2019 financial year.
Speaking at the 20th Annual General meeting held at the Murtala Mohammad staff school Ikeja, over the weekend, the President of the cooperatives society, Alhaji Saheed Anako Sadiq said members accounts would be credited with their dividends immediately.
Sadiq explained that activities of the cooperatives was greatly affected by the outbreak of the covid 19 pandemic which led to the non-remittance of members fund by FAAN to the cooperatives, adding that they were unable to meet loan requests from members.
He said loan issuance was suspended as FAAN consisted of 65 percent of the inflow and could not meet up with members demand assuring that all outstanding FAAN debts would be paid by the end of this month.
Sadiq noted that the pandemic wrecked havoc on its operations but assured members that the executives would not be deterred as plans have been concluded to stock both consumables and electronic appliances directly from the dealers at lower and responsible costs to be sold to members.
He explained that some painful decisions of reorganizing the secretariat were taken by sending four of its staff on compulsory leave without pay while 12 paid staff with the school bus shuttle were also placed on half salaries as the management of the school placed some on half salaries.
On the welfare of members, Sadiq explained that the Agbara land payment had been completely defrayed and had commenced the issuance of provisional letters of allocation to subscribers.
He noted that the cooperative hotel had been inaugurated while employment of its members through training is top priority.
The AFSCMS President, regretted that membership drive of the cooperatives had dwindled as a result of retirement and more disturbing, the voluntary withdrawal by members over what he called hostility of some of the secretarial staff of members.